Thursday, June 30, 2005

Record number of endowment complaints

According to this article, from the Guardian today, the Finanical Ombudsman Service has revealed the latest figures for those seeking compensation for mortgage shortfalls, and they have hit record levels:

The Financial Ombudsman Service said yesterday that in the year to April 2005 it received 70,000 new complaints involving endowments - equal to 1,300 a week - compared with just 300 a week three years ago.
It ordered endowment companies to pay out about £200m in compensation, after finding evidence of mis-selling in around half the cases brought to the service. The typical level of compensation was £5,500.